Lebanon Vows to Make Depositors Whole in Bid to Unlock Reforms

Lebanon Vows to Make Depositors Whole in Bid to Unlock Reforms

Lebanese depositors will get their money back over time as part of any financial overhaul, with the state, central bank and local banks sharing the burden of repairing the crisis-stricken economy, Economy Minister Amer Bisat said.

Economy Minister Amer Bissat said that there are three steps that must be taken in Lebanon: the first is lifting banking secrecy, the second is the administrative regulatory legal framework, and the third is resolving the financial gap. In an interview on LBCI TV on Monday, Bissat said, “The banking secrecy law is clear and precise and specifies who is allowed access to information, making it impossible for anyone to know what money another pers…

An Arab banking official expressed surprise at the official Lebanese statements about discriminating against depositors based on the size of each deposit, and the lack of concern about the fate of "large deposits"!

The Council of Ministers adopted, at its meeting last Saturday, the draft law on the restructuring of the banking sector, which should be forwarded to Parliament on Monday or Tuesday.